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24 Sep 2014
EUR/JPY further pullbacks not ruled out – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could still retreat to the 139.10/138.50 band.
Key Quotes
“EUR/JPY has been correcting lower near term – it is possible that this dip lower is already complete on the pullback to 139.27”.
“However the Elliott wave count on the daily chart suggests a correction lower should terminate circa 139.10/138.50 and we remain unable to rule out this move ahead of further gains”.
“The move beyond 141.21 has introduced scope to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year). This is regarded as the last defence for the 145.68 December 2013 high”.
Key Quotes
“EUR/JPY has been correcting lower near term – it is possible that this dip lower is already complete on the pullback to 139.27”.
“However the Elliott wave count on the daily chart suggests a correction lower should terminate circa 139.10/138.50 and we remain unable to rule out this move ahead of further gains”.
“The move beyond 141.21 has introduced scope to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year). This is regarded as the last defence for the 145.68 December 2013 high”.